8500 NW County Road 5

Syracuse, KS 67878

$101,000B-

4 bd · 2.0 ba · 1,216 sqft · Built 1952 · SingleFamily · Active · 64 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,177/mo
• Mortgage (P&I): −$530
• Tax + insurance: −$168
• HOA: −$0
• Vac / Maint / Mgmt: −$247
• Net cashflow: $232/mo
• Annual: $2,779/yr
• Cap rate: 9.04%
• Cash-on-cash: 9.83%
• DSCR: 1.44
• 1% rule: 1.17%
• Cash to close: $28,280

Investor read

• This is a 4-bed/2.0-bath single-family listed at $101k.
• At list price, monthly cash flow is $232 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $101k).
• It's been on market 64 days — a 6% lower offer ($95k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $95k (6.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($698 loan paydown + $5k appreciation (4.7% local appreciation)).
• Location reads 69/100 on livability (#188 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A-; Watch: employment C-, schools F, amenities F.
• Syracuse (rural): math 21% / reading 23% proficiency, ranked #152 of 169 in KS (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 5 active listings in the ZIP.
• Hamilton County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $50k; list at $101k implies a 102% gain — meaningful room to come down on a strong offer.
• At projected returns (4.7% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.